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public involvement program will be addressed as part of a development agreement, much like other <br />components such as timing, financial agreements, etc. <br /> <br />Timing <br />The URA has signed purchase options with seven property owners along West Broadway. The option <br />periods vary among the purchase option agreements, with a majority of the options expiring in <br />September and October 2007. (See Attachment D for a summary of the purchase option terms.) There <br />are some advantages to executing/assigning options within the current time periods. Should the URA <br />need to renegotiate purchase option terms, there is no guarantee that property owners will agree to an <br />extension of time or will maintain the current purchase prices. Further extensions would also require the <br />payment of additional option money. <br /> <br />Should the URA decide to make a significant financial investment in the redevelopment area, the URA <br />would need to complete several steps to access two potential funding sources: urban renewal and HUD <br />Section 108/BEDI. For urban renewal expenditures over $4.6 million, the URA would need to approve <br />a Downtown Urban Renewal District Plan amendment to increase the existing maximum indebtedness <br />(spending limit). A plan amendment, which would need to begin in May and would take approximately <br />four months to complete, includes a public hearing and council ordinance approval. To utilize Section <br />108 financing and the BEDI brownfield grant, additional steps include a public hearing, a project- <br />specific council resolution, budget authority, environmental review, and a project-specific HUD <br />application and approval process. The Section 108/BEDI process would need to begin in May 2007 to <br />be completed within the existing purchase option periods. Additional detail on the use of urban renewal <br />and Section 108/BEDI is included in Attachment E (KWG timeline). <br /> <br />The preliminary selection process and schedule outlined in the RFQ indicated that the URA would select <br />a developer between March and April 2007. Although additional time for selection is possible, it is <br />important to recognize that the development teams have scheduled their proposed projects along with <br />other projects that they are pursuing. The ability of the URA to keep the respondents engaged during a <br />longer selection process is unknown. <br /> <br /> <br />RELATED CITY POLICIES <br />Future redevelopment of the West Broadway Redevelopment Area is consistent with the policies and <br />implementation strategies included in the Downtown Plan, including: <br /> <br />Downtown development shall support the urban qualities of density, vitality, livability and diversity <br />? <br /> <br />to create a downtown, urban environment. <br />Actively pursue public/private development opportunities to achieve the vision for an active, vital, <br />? <br /> <br />growing downtown. <br />Use downtown development tools and incentives to encourage development that provides character <br />? <br /> <br />and density downtown. <br />Promote multi-story, mixed-use structures downtown through financial incentives or code <br />? <br /> <br />amendments. <br />Stimulate multi-unit housing in the downtown core and on the edges of downtown for a variety of <br />? <br /> <br />income levels and ownership opportunities. <br /> <br />L:\CMO\2007 Council Agendas\M070425\S070425B.doc <br /> <br />